Will is 63 and just retired. He takes medication for high cholesterol but is healthy otherwise. He needs insurance until he can join Medicare in 15 months.

Will could continue his former employer’s insurance through COBRA, apply for an Individual Medical plan or apply for Short Term Medical.

Since he left his job voluntarily, Will is not eligible for the government COBRA subsidy. COBRA coverage would cost him $401.88* a month ($6,028.20* for 15 months) and provide the same group coverage he’s used to for up to 18 months.

If he chooses Individual Medical, Will would have dependable insurance for the entire 15 months he needs it, with no risk of going without coverage if he becomes ill or injured. Due to his age, Will’s Individual Medical rates would be higher than those for younger, healthier applicants: Will would pay $511.56** a month or $7,673.40** for 15 months.

Since Will can purchase only 12 months of Short Term Medical, it’s not his best option. After 12 months, Will may not qualify for another Short Term Medical policy or an Individual Medical policy if he develops health conditions during the first Short Term Medical policy. His age-related risks could be a problem when considering Short Term Medical.

*COBRA premiums derived from the 2008 Kaiser/HRET Survey of Employer-Sponsored Health Benefits.

**Rates based on 63-year-old male in Tulsa, OK. Short Term Medical rate with $2,000 out-of-pocket maximum and 80/20 coinsurance. Individual Medical rate with $2,000 deductible and $0 access fee.

For costs and further details of the coverage, including exclusions for pre-existing conditions, any reductions or limitations and the terms under which the policy may be continued in force, contact Assurant Health.